401K rules-Biden administration
- Thread starter ManInBrown
- Start date
oldngray
nowhere special
Who's in constant fear?
DriveInDriveOut
Inordinately Right
Brownslave688
You want a toe? I can get you a toe.
ESG has been a pretty massive failure to this point. So guess what they doWhat’s the proper wording to call up Empower and make sure I’m not in anything that’s going to be wrapped up in this tweak of the 401K rules? I don’t want my money to have anything to do with this complete and utter BS
Team Biden’s 401(k) heist could raid your retirement for a woke agenda
The future earnings on your retirement nest egg are being sacrificed to advance a woke agenda.nypost.com
Over70irregs
Well-Known Member
Woke is a word turned inside out to signal your inner bias. 401k is built with printer $. It is a setup before this administration. Think of it as governmental passive income for the government. Rules WILL change as needed. Plan accordingly.
bottomups
Bad Moon Risen'
There will probably come a day when Roths are taxed. Government won't be able to keep their hands off that revenue.
ManInBrown
Well-Known Member
You really believe this could possibly happen? I’ve thought about this as well.
bottomups
Bad Moon Risen'
Certainly. With our growing national debt there will come a time when the bill comes due. That pool of money sitting in Roths is too juicy to overlook.
They recently made changes to inherited IRAs that sped up payouts and RMDs. Government wants/needs those dollars.
Over70irregs
Well-Known Member
Bingo…..thinking smart.
Over70irregs
Well-Known Member
Just think with the bug that was out the lifespans are projected to shrink. Add in the incentive to delay payout. I’m taking money as soon as I’m eligible. Also fedcoin/CBDC is a digital Icepick coming for your chest.
Next Day Error
X - Other
Do you believe moderates and lefties are incapable of having a normie nuclear family?
DriveInDriveOut
Inordinately Right
Do you believe that is a relevant topic to discuss in this thread?
Next Day Error
X - Other
They’ll try every avenue first before going after Roth accounts. Roth accounts are owned by people who are smart enough to have Roth accounts. Smart people vote in droves and are influential.
DriveInDriveOut
Inordinately Right
Nonsense.
Roth IRA's have a 6k per year limit. It's the last vestige of the middle class who is putting their money into that.
6k is chump change to the people that will decide to tax it when the time comes. They'll start with balances over XXXX.00 and claim that it's actually the rich their taxing.
Next Day Error
X - Other
I know what the contribution caps are on Roth accounts. I can assure you that it would political malpractice to go after Roth accounts before raising the income limits on Social Security taxes.
Notice I'm not saying they'll never tax Roth accounts early. I'm saying that it'll be a long time before they do.
DriveInDriveOut
Inordinately Right
Congratulations Austin.
Next Day Error
X - Other
Ok, who is Austin?? you keep saying this.
AKCoverMan
Well-Known Member
Problem is you cant put enough in IRA. I max out 401k and IRA both each year. All money invested in broad index funds not worried about any ESG scores thats All smoke and mirrors virtue signaling. A broad index fund will invest both in Oil companies and Solar farms alike.
Also I invest all 401k and IRA contributions as “Roth” contributions rather than “traditional“. I pay income tax up front so that when I use money in retirement it is all tax free…including all the growth thru the years.
AKCoverMan
Well-Known Member
401k also has Roth option. In 2023 can put $22,500 in and if your 50 (or will have 50th BDay in 2023) can put in a total of $30,000.
Yes, it’s impossible to know the future. Seems a stretch that congress would reach back and undo the promise of Roth funds being forever tax free once initial income tax paid at time of earning the money but, look what President Biden is trying to do with student loans. Elections have consequences, surely.
But I’m not going to not take advantage of current Roth rules just based on fear of “what ifs” down the road.